This page reflects MTDR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 20, 2026 close
Max Pain — MTDR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $52.50 (7.02 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$52.50
Nearest expiry
Expected Move
±$6.00
±10.1%
Days to Expiry
29
Calendar days
Total Call OI
14,796
Nearest expiry
Total Put OI
3,444
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$59.52
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-06-18
Expiration
Max Pain Strike
Last Updated
2026-04-17
$57.50
4/17/2026, 11:25:51 PM
2026-05-15
$57.50
5/15/2026, 11:25:30 PM
2026-06-18NextUpdated
$52.50
5/20/2026, 11:23:57 PM
2026-09-18
$52.50
5/20/2026, 11:23:57 PM
2026-11-20
$60.00
5/20/2026, 11:23:57 PM
2026-12-18
$52.50
5/20/2026, 11:23:57 PM
2027-01-15
$45.00
5/20/2026, 11:23:57 PM
Selected expiration: 2026-06-18 at max pain $52.50.
MTDR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
9506500
9506500
22.5
0
8645500
8645500
25
0
7784750
7784750
27.5
750
6926750
6927500
30
1500
6068750
6070250
32.5
4000
5232500
5236500
35
6500
4423000
4429500
37.5
12000
3613500
3625500
40
17500
2833000
2850500
42.5
23500
2253250
2276750
45
70750
1722750
1793500
47.5
215500
1320500
1536000
50
391500
929000
1320500
52.5
663000
646000
1309000
55
984000
423000
1407000
57.5
1480500
230750
1711250
60
2013000
86750
2099750
62.5
3204250
16250
3220500
65
4731750
2750
4734500
67.5
6862250
500
6862750
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.